Institutional investors are returning to the Canadian oil and gas sector with gusto after shunning the industry over ESG concerns in recent years, but the appetite for new energy listings remains limited due to wider market volatility. French oil major TotalEnergies will be the first major test of energy investor interest for new listings. Last month, it unveiled plans to spin off its Canadian oil sands assets into a new publicly traded company, which surprised many industry watchers. The [Read more]
Oil prices rise on tight supplies, as IEA warns of global recession
LONDON, Oct 13 (Reuters) - Oil prices firmed on Thursday, finding continued support from an OPEC+ decision last week to cut supplies, as the International Energy Agency warned that those cuts may push the global economy into recession. Brent crude futures rose 49 cents, or 0.5%, to $92.94 a barrel by 0833 GMT. U.S. West Texas Intermediate crude was up 37 cents, or 0.4%, at $87.64 a barrel. Last week, the producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) [Read more]
U.S. natural gas futures up 2% on cold forecast ahead of storage report
U.S. natural gas futures rose about 2% on Thursday from a near three-month low in the prior session on forecasts for colder weather that should boost heating demand over the next two weeks. That price increase came ahead of a federal report expected to show last week's build would be much bigger than usual - over 100 billion cubic feet (bcf) - for a fourth week in a row due to mild weather and an increase in wind power that reduced the amount of gas power generators needed to burn to produce [Read more]
U.S. will use SPR barrels responsibly where it makes sense to stabilize markets
U.S. Deputy Energy Secretary David Turk said on Wednesday that the United States has millions of barrels in the Strategic Petroleum Reserve, and Washington will try to use those barrels responsibly where it makes sense to stabilize markets. Turk added that President Joe Biden has not taken any tools off the table to address high energy costs, when asked whether the administration is considering limiting fuel exports. Energy markets have traded volatilely following Russia's invasion of Ukraine [Read more]
U.S. natural gas falls 2% to near three month low on record output
U.S. natural gas futures fell about 2% to a near three-month low on Wednesday on record output and reduced liquefied natural gas (LNG) exports that should allow utilities to keep injecting more gas into storage than usual in coming weeks. That price drop came despite forecasts for colder weather and higher heating demand over the next two weeks than previously expected. Major LNG outages include Berkshire Hathaway Energy's shutdown of its 0.8-billion-cubic-feet-per-day (bcfd) Cove Point [Read more]
U.S. EIA sees slower oil demand, output growth this year and next
U.S. oil demand and production is expected to grow more slowly than previously forecast for the remainder of this year and in 2023, the U.S. Energy Department said on Wednesday. Overall U.S. demand for petroleum and other liquid fuels in 2023 is expected to rise slowly, the U.S. Energy Information Administration said, estimating growth at 190,000 barrels per day to 20.54 million bpd. In September, the EIA expected that growth to come in at 350,000 bpd. For this year, demand is expected to [Read more]
U.S. natural gas rises 3% on colder weather, higher demand forecasts
U.S. natural gas futures gained about 3% to a near one-week high on Wednesday on forecasts for colder weather and higher heating demand over the next two weeks than previously expected. The gas price increase came despite near record output and reduced liquefied natural gas (LNG) exports that should allow utilities to keep injecting more gas into storage than usual in coming weeks. Major LNG outages include Berkshire Hathaway Energy's shutdown of its 0.8-billion-cubic-feet-per-day (bcfd) [Read more]
Oil prices extend decline on recession fears, China COVID curbs
Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. U.S. West Texas Intermediate crude was at $88.66 a barrel, down 69 cents, or 0.8%. Both benchmarks fell 2% in the previous session. The International Monetary Fund on Tuesday cut its global growth forecast for 2023 and warned of [Read more]
OPEC+ risks overtightening the oil market: Kemp
Senior officials from the Organization of the Petroleum Exporting Countries and their allies (OPEC+) have offered a variety of explanations for last week's decision to reduce their collective production target. The most common is that the organisation is being “proactive and pre-emptive” ahead of a possible downturn in the global business cycle and petroleum consumption. Uncertainty surrounding the economy and oil market was cited in the group’s Oct. 5 press release announcing production [Read more]
Heavy crude discount blows out to more than $30 a barrel
The discount on benchmark heavy Canadian crude surged drastically wider on Tuesday, hitting $31 a barrel below the U.S. benchmark West Texas Intermediate (WTI) crude: Western Canada Select heavy blend crude for November delivery settled at $31 a barrel under WTI, according to NE2 Inc, diving from Friday's settlement of $25.25 a barrel under WTI. Monday was a market holiday in Canada. Market players attributed the selloff to a number of factors, including concerns among traders that the low [Read more]
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